UK Partnership - Is company profit classified as income for the partners???

[Lion Heart]

Hopefully a fairly simple question

Looking at a Partnership - is the profit of the business classified as INCOME for the partners?

So if the company makes £40k profit and has two partners, then both partners are liable to pay income tax on £20k EVEN IF THE MONEY WAS NOT TAKEN OUT OF THE BUSINESS BY THE PARTNERS?

Or, alternatively, should it be that the partners are liable only to pay income tax on money they have drawn from the business as income REGARDLESS of how much (or little) profit the business has made?

Help very much appreciated!!!

 

[Fidget]

Each partner will be liable for tax on their % profit share in the relevant tax year - this is just the same as that for sole traders.